Trade and Industry (DTI) Secretary Alfredo E. Pascual said that businesses from New Zealand have expressed interest in investing while forming bonds with various industries in the Philippines, following their incumbent prime minister's two-day visit to Manila.
"New Zealand has only five million people. They see a big market here, 470 million, so New Zealand producers are thinking of investing here," shared Pascual in a press briefing on April 19.
"[There's] nothing specific yet, but I highlighted the areas that we want them to consider investments. Tourism, that's number one, food and agribusiness, semiconductors, and critical minerals," he added.
Pascual stressed New Zealand's strong agribusiness sector, particularly for dairy products, that the Philippines can leverage. Among other potential ties mentioned during their meetings were link ups of resort developers and direct flights from Manila via New Zealand Air, their flagship airline.
The trade secretary met with New Zealand Prime Minister Christopher Luxon, who led his country's business delegation for business-to-business (B2B) meetings with Philippine companies and government bodies from April 17 to 18, as part of his inaugural international mission to Southeast Asia (SEA).
Pascual said he convened to the country's current aim for "more balance trade" through wider promotion of exports like fruits, machinery, and vegetable oils to the country.
He cited the Philippines' ratification of the Second Protocol of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) In March 6 this year, which aims to modernize and adapt the protocols of the original 2010 AANZFTA to better facilitate trade, open investment opportunities and market access, adopt e-commerce, and integrate micro, small, and medium enterprises (MSMEs) in the global value chains.
He also highlighted the Philippines' high purchasing power, young workforce, and abundant natural resources, making it a prime hub that is "open for business."
For their part, the New Zealand delegation has identified technology, green economy, and renewable energy (RE) as key sectors for growing partnership with Filipino businesses, with firms specifically eyeing investments in "green economy, including green finance and investment, sustainable infrastructure, agriculture and agri-tech, and eco-tourism."
“We recognize the importance of investing time and resources to further our relationship with the Philippines and the broader South East Asian region to advance our shared economic interests and strengthen the bonds between our nations," said Luxon in a statement.